SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present financial information by segment.

Three Months Ended June 30, 2024

(In thousands)	Real Estate Operations			Restaurant Operations			Intercompany			Total
Revenues:
Rental revenue	$	58,539		$	—		$	—		$	58,539
Intercompany rental revenue		217			—			(217	)		—
Restaurant revenue		—			7,940			—			7,940
Total revenues		58,756			7,940			(217	)		66,479
Operating expenses:
General and administrative		6,004			—			—			6,004
Depreciation and amortization		13,157			188			—			13,345
Property expenses		2,836			—			—			2,836
Restaurant expenses		—			7,549			(217	)		7,332
Total operating expenses		21,997			7,737			(217	)		29,517
Interest expense		(12,324	)		—			—			(12,324	)
Other income		150			—			—			150
Realized gain on sale, net		—			—			—			—
Income tax expense		(62	)		(24	)		—			(86	)
Net Income	$	24,523		$	179		$	—		$	24,702

Three Months Ended June 30, 2023

(In thousands)	Real Estate Operations			Restaurant Operations			Intercompany			Total
Revenues:
Rental revenue	$	52,843		$	—		$	—		$	52,843
Intercompany rental revenue		214			—			(214	)		—
Restaurant revenue		—			7,845			—			7,845
Total revenues		53,057			7,845			(214	)		60,688
Operating expenses:
General and administrative		5,600			—			—			5,600
Depreciation and amortization		11,636			181			—			11,817
Property expenses		2,676			—			—			2,676
Restaurant expenses		—			7,411			(214	)		7,197
Total operating expenses		19,912			7,592			(214	)		27,290
Interest expense		(10,051	)		—			—			(10,051	)
Other income		226			—			—			226
Realized gain on sale, net		173			—			—			173
Income tax expense		(53	)		(38	)		—			(91	)
Net Income	$	23,440		$	215		$	—		$	23,655

Six Months Ended June 30, 2024

(In thousands)	Real Estate Operations			Restaurant Operations		Intercompany			Total
Revenues:
Rental revenue	$	117,112		$	—	$	—		$	117,112
Intercompany rental revenue		433			—		(433	)		—
Restaurant revenue		—			15,834		—			15,834
Total revenues		117,545			15,834		(433	)		132,946
Operating expenses:
General and administrative		12,217			—		—			12,217
Depreciation and amortization		26,443			369		—			26,812
Property expenses		5,917			—		—			5,917
Restaurant expenses		—			15,329		(433	)		14,896
Total operating expenses		44,577			15,698		(433	)		59,842
Interest expense		(24,605	)		—		—			(24,605	)
Other income		390			—		—			390
Realized gain on sale, net		—			—		—			—
Income tax benefit (expense)		(121	)		8		—			(113	)
Net Income	$	48,632		$	144	$	—		$	48,776

Six Months Ended June 30, 2023

(In thousands)	Real Estate Operations			Restaurant Operations			Intercompany			Total
Revenues:
Rental revenue	$	105,040		$	—		$	—		$	105,040
Intercompany rental revenue		428			—			(428	)		—
Restaurant revenue		—			15,600			—			15,600
Total revenues		105,468			15,600			(428	)		120,640
Operating expenses:
General and administrative		11,655			—			—			11,655
Depreciation and amortization		23,630			363			—			23,993
Property expenses		5,843			—			—			5,843
Restaurant expenses		—			14,920			(428	)		14,492
Total operating expenses		41,128			15,283			(428	)		55,983
Interest expense		(19,969	)		—			—			(19,969	)
Other income		526			—			—			526
Realized gain on sale, net		1,735			—			—			1,735
Income tax expense		(105	)		(34	)		—			(139	)
Net Income	$	46,527		$	283		$	—		$	46,810

The following tables present supplemental information by segment.

Supplemental Segment Information at June 30, 2024

(In thousands)	Real Estate Operations			Restaurant Operations			Total
Total real estate investments	$	2,985,691		$	23,069		$	3,008,760
Accumulated depreciation		(749,091	)		(7,963	)		(757,054	)
Total real estate investments, net	$	2,236,600		$	15,106		$	2,251,706
Cash and cash equivalents	$	15,980		$	1,187		$	17,167
Total assets	$	2,463,929		$	21,985		$	2,485,914
Total debt, net of deferred financing costs	$	1,158,583		$	—		$	1,158,583

Supplemental Segment Information at December 31, 2023

(In thousands)	Real Estate Operations			Restaurant Operations			Total
Total real estate investments	$	2,926,425		$	22,996		$	2,949,421
Accumulated depreciation		(731,345	)		(7,601	)		(738,946	)
Total real estate investments, net	$	2,195,080		$	15,395		$	2,210,475
Cash and cash equivalents	$	14,776		$	1,546		$	16,322
Total assets	$	2,429,136		$	22,498		$	2,451,634
Total debt, net of deferred financing costs	$	1,112,689		$	—		$	1,112,689